Jump to content
Sign in to follow this  
Mandy555

How much credit history do the Interest Free Loans require?

Recommended Posts

I recently got accepted to UofT and though I'm excited and definitely considering accepting, the cost is pretty substantial. I heard UofT has a pretty generous financial aid program and I was looking at the eligibility for bursaries and noticed that you have to be eligible for the interest free loans in order to receive a bursary. One of the requirements is to have a good credit score. According to Equifax, my credit score is very good however, I've only had a credit card for about 6 months (I know, I was late to get one). By the time I apply for any sort of financial aid, I would have had about 9-10 months of credit history. If my credit score is still very good, would this be enough for me to be eligible for their interest-free loans? 

I know I should contact the financial aid office myself and ask and I have, they just haven't gotten back to me yet. I just thought I'd ask here in case anyone else had a similar experience. 

Edited by Mandy555

Share this post


Link to post
Share on other sites

2 things:
- If you apply for UofT financial aid, you need to also be applying for provincial loans/bursaries (ex. OSAP)

- UofT financial aid gives you bursaries and 'interest-free loans'. Basically, they'll pay a portion of the interests on the LOC that you take out. So you have to qualify for a LOC. It's pretty rare to be refused for a LOC if you have your acceptance in hand and decent credit, but it is possible, in which case you'd likely have to get a co-signor. You should ask the bank you want to take your LOC from, not UofT's financial aid office.

 

  • Thanks 1

Share this post


Link to post
Share on other sites

Don't know if this helps, but I recently talked to someone at TD and they said for LOCs, they don't typically expect students to have a lot of credit history, the main thing they're looking for is whether your credit score is good. I would highly suggest talking to one of the banks that UofT has negotiations with! 

Share this post


Link to post
Share on other sites

Go to a bank yourself and ask for a LOC. 

You should be able to get one with your clean credit.

There is NO cost to you until you start drawing on the LOC. Even then, your school may pay for your interest to until you graduate.

 

Edited by Luckycharm

Share this post


Link to post
Share on other sites

Where did you read that you must be eligible for the interest-free loan in order to receive the bursary? As far as I understand, you are automatically considered for the bursary on a needs-basis the moment you submit your application to the financial aid office (which does, however, require you to submit an application for OSAP). 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×